Cadence Bank’s (CADE) Overweight Rating Reiterated at Stephens

Stephens reaffirmed their overweight rating on shares of Cadence Bank (NYSE:CADE) in a research report released on Thursday,Benzinga reports. Stephens currently has a $42.00 target price on the stock.

CADE has been the topic of a number of other reports. DA Davidson boosted their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada upped their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $41.00 to $44.00 in a report on Thursday, December 19th. Truist Financial upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and an average price target of $38.14.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $35.13 on Thursday. The firm has a market cap of $6.40 billion, a PE ratio of 12.68 and a beta of 1.00. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20. The business’s fifty day simple moving average is $35.98 and its 200-day simple moving average is $33.56. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last announced its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.98% and a net margin of 18.03%. During the same period last year, the business earned $0.40 EPS. Equities analysts forecast that Cadence Bank will post 2.87 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.275 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, March 14th. Cadence Bank’s payout ratio is presently 39.71%.

Institutional Investors Weigh In On Cadence Bank

Large investors have recently modified their holdings of the company. Brooklyn Investment Group purchased a new stake in Cadence Bank in the 4th quarter valued at $26,000. V Square Quantitative Management LLC purchased a new stake in shares of Cadence Bank in the third quarter valued at about $25,000. Point72 Hong Kong Ltd acquired a new stake in shares of Cadence Bank during the third quarter worth about $32,000. GAMMA Investing LLC grew its holdings in shares of Cadence Bank by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after buying an additional 559 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its position in Cadence Bank by 23.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after acquiring an additional 926 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

About Cadence Bank

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.